A major shareholder says the buyout undervalues the company

Shuanghui International Holdings announced last month that it would buy Smithfield for $4.72 billion, the largest purchase of an American firm by a Chinese company. However, one of Smithfield’s largest shareholders, Starboard Value, says the deal undervalues the Virginia-based pork producer, the Associated Press notes.

On Monday, Starboard submitted a letter to Smithfield’s board, contending the company is actually worth between $9 billion and $10.8 billion. Starboard argues that the board could better reward shareholders by breaking the company up and selling its assets. While Starboard stopped short of opposing the Chinese acquisition outright, it did say that it would seek to identify potential buyers for Smithfield units.